Bedford Corners NY

Single family construction spending up 41% | Bedford Corners Real Estate

NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.5% in July to a seasonally adjusted annual rate of $773.0 billion. Total private residential construction spending was 27% higher than a year ago.

The monthly gains are attributed to the strong growth of spending on single-family construction and improvements. Single-family construction spending rose to a $416.3 billion annual pace in July, up by 0.9% over the upward revised June estimates. It increased by 47.1% on a year-over-year basis. Spending on improvements edged up 0.2% in July, after a 0.7% dip in June. Multifamily construction spending stayed flat in July but was 14.9% higher than a year ago.

The NAHB construction spending index, which is shown in the graph below (the base is January 2000), illustrates the solid growth in single-family construction and home improvement from the second half of 2019 to February 2020, before the COVID-19 hit the U.S. economy, and the quick rebounds since July 2020. New multifamily construction spending has picked up the pace after a slowdown in the second half of 2019.

Private nonresidential construction spending slipped to a seasonally adjusted annual rate of $458.0 billion in July, a 0.2% dip from upwardly revised June estimates. And it was 3.6% lower than a year ago. The largest contribution to this month-over-month nonresidential spending decrease was made by the class of power ($0.8 billion), followed by transportation ($0.2 billion), and class of communication ($0.1 billion).

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This post was last modified on September 1, 2021 10:31 am

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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